Industrial producer prices most significantly decreased in 12 years

Industrial producer prices decreased the second month, in February they even fell by double digits by more than 15%. The most significant impact on the overall result was cheaper energy by a third and the once again recorded decline in manufacture of transport equipment. The year-on-year decrease in prices of agricultural products continued for the eighth month.

Industrial producer prices for the domestic market were lower for the second consecutive month in February 2024, currently by 15.8%. A drop in energy prices by up to 32.7% mainly affected them. Prices were damped in strong manufacturing sectors, namely in manufacture of transport equipment by 2.2%, in manufacture of metals by 5.4% and in manufacture of food, beverages and tobacco by 2.1%. For the first time, manufacture of rubber and plastic products also recorded a decrease in prices by 1.1%. Price increases continued in water supply by 7.4%. In a month-on-month comparison, prices declined by 5.4%. In total, for the first two months of 2024, industrial producer prices for the domestic market were lower by 9.8%.

Industrial producers for the non-domestic market decreased year-on-year by 2.2%, and month-on-month by 0.2%. In total, for the first two months of 2024, industrial producer prices for the non-domestic market were lower by 2.3% than a year ago.

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The Statistical Office of the SR would like to inform that since the publication of data for January 2024, it has moved to the new base period of 2021 (in agriculture for 2020), to which the entire time series of monthly data have been recalculated. This change in price statistics will affect the basic indices (News: Changes in selected indicators of monthly statistics).

Producer prices of agricultural products

Prices of agricultural products declined year-on-year by 16.3% in February. Prices of crop products decreased by 28%, prices of animal products by 3.6%. As for the crop products, prices of cereals declined by 31.4% and prices of oilseeds and fruits by 27%. On the contrary, prices of vegetables, fruits, nuts and spices remained higher by 41.3% and prices of potatoes by 19%. As for the animal products, prices of pigs slaughtered increased by 13.3%, prices of cow milk decreased by 14.4%. Since the beginning of the year, prices of agricultural products fell by an average of 16.3% due to lower prices of crop products by 25.9% and animal products by 5.4%.

roducer prices in construction

In the second month of 2024, prices of construction work rose year-on-year by 5.1%, but the growth rate increased by 0.1% compared to January. In total, for the first two months of 2024, construction work increased year-on-year by 5.3%.

Prices of construction materials were lower year-on-year by 1.7% in February, falling for the sixth consecutive month. Compared to January, prices dropped by 0.2%. In total, since the beginning of the year, prices of construction materials increased year-on-year by 1.9%.